For a limited partnership enterprise, the core legal document that regulates and binds all partners is the Limited Partnership Agreement (LPA), which directly determines the rights and obligations of LP and GP, as well as how LP protects its rights and how GP assumes its responsibilities.

Compared with the Letter of Intent, Supplementary Agreement and other legal documents that regulate and restrict the operation of limited partnership enterprises, LPA is a constitutional document and the parent law of all other legal documents, and other legal documents should respect and abide by the rights and obligations set by LPA.

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Limited partnership is a special form of enterprise organization that combines freedom of contract with legal entity. Its "freedom of contract" is manifested in that most of the contents of LPA can be mutually agreed by the parties, which is obviously different from legal entities such as limited liability companies and has many mandatory legal provisions.

Its "legal entity" is an enterprise, an entity that bears legal responsibilities, can lend money to the outside world, can guarantee the outside world, and can sign legal documents in its own name, which is obviously different from virtual entities such as trust plans that highlight freedom of contract.

The above content comes from Baidu Encyclopedia -LPA